Financial and Banking News


GCC Current Account Deficit of $8.7bn Recorded in 1986

 According to the annual report of the Kuwait-based Gulf In- vestment Corporation (GIC), the aggregate current account of the six member states of the Gulf Cooperation Council (GCC) was in deficit by an estimated $8.7bn in 1986 despite a reduction in imports, which in some GCC states declined by as much as 30% during the year. The deficit in 1986 com- pares with a surplus of $13bn in...